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Air Products & Chemicals (APD)

Air Products and Chemicals, Inc. (APD) is a global leader in the industrial gases sector, focusing on energy, environmental, and emerging markets. The company produces essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium, serving industries like refining, chemicals, metals, electronics, manufacturing, medical, and food . APD also designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage . A significant portion of its revenue is generated through long-term on-site supply contracts, and the company is a major player in the clean hydrogen market, supporting the transition to low- and zero-carbon energy .

  1. Industrial Gases - Produces and supplies essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium to various industries including refining, chemicals, metals, electronics, manufacturing, medical, and food .
  2. Clean Hydrogen - Develops and operates large-scale projects in the clean hydrogen market, focusing on low- and zero-carbon energy solutions for industrial and heavy-duty transportation sectors .
  3. Equipment Products - Designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage, including turbomachinery and cryogenic containers .

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NamePositionExternal RolesShort Bio

Eduardo F. Menezes

ExecutiveBoard

CEO

None.

Joined APD as CEO in February 2025. Former EVP at Linde plc, with extensive experience in industrial gases and global operations.

Seifi Ghasemi

ExecutiveBoard

Chairman, President, and CEO

Member of The Business Council, US-India Strategic Partnership Forum, and U.S.-China Business Council.

Seifi Ghasemi has led APD since July 2014, creating over $44 billion in shareholder value and implementing a Five-Point Plan to transform the company into an industry leader.

Ahmed Hababou

Executive

President, Middle East and India

None.

Joined APD in 2002. Leads operations in the Middle East and India, with prior experience in green hydrogen and specialty gases.

Brian Galovich

Executive

Executive Vice President and Chief Information Officer

None.

Joined APD in December 2020. Leads digital transformation and IT operations globally. Promoted to EVP in October 2024.

Francesco Maione

Executive

President, Americas

None.

Joined APD in 1998. Oversees operations in the Americas, including sustainability and productivity initiatives.

Ivo Bols

Executive

President, Europe and Africa

None.

Joined APD in 1988. Leads operations in Europe and Africa, with extensive experience in merchant gases and global operations.

Kurt Lefevere

Executive

President, Asia

None.

Joined APD in 1994. Leads operations in Asia, with prior leadership roles in Northern Europe and strategy development.

Melissa N. Schaeffer

Executive

Executive Vice President and CFO

None.

Joined APD in 2016, promoted to EVP in October 2024. Oversees global financial operations and strategic planning.

Sean D. Major

Executive

Executive Vice President, General Counsel, and Secretary

None.

Joined APD in 2017. Oversees legal, compliance, and corporate governance functions.

Victoria Brifo

Executive

Executive Vice President and Chief Human Resources Officer

Board member of Trinseo plc.

Joined APD in 2001. Leads HR, corporate communications, and corporate relations. Promoted to EVP in October 2024.

Walter L. Nelson

Executive

Senior Vice President, Global Helium and Rare Gases

None.

Joined APD in 1990. Leads the helium and rare gases business globally, with extensive experience in operations and commercial roles.

Wilbur Mok

Executive

Senior Vice President, Equipment Businesses

None.

Leads APD's equipment businesses. Further details on his career and achievements are not provided in the documents.

Wolfgang Brand

Executive

President, Project Delivery and Technology

None.

Joined APD in May 2020. Previously led the NEOM Green Hydrogen project and now oversees project delivery and technology.

Dennis H. Reilley

Board

Vice Chairman of the Board

None.

Former Chairman, President, and CEO of Praxair, Inc. Recognized for driving shareholder value and operational excellence in the industrial gases sector.

Wayne T. Smith

Board

Chairman of the Board

Director at ONEOK, Inc..

Joined APD's Board in 2021. Former Chairman and CEO of BASF Corporation, with extensive experience in chemicals and industrial gases.

  1. Given that only 35% of the production capacity at the NEOM green hydrogen project has been contracted on a take-or-pay basis so far, how confident are you in securing offtake agreements for the remaining capacity before the project's completion at the end of 2026?

  2. With permits for the Louisiana blue hydrogen project expected to be issued in 2025 and 2026, and considering that your net cash flow projections starting in 2027 do not include project financing or equity partnerships, what are the risks of potential delays or cost overruns impacting these financial targets?

  3. The Middle East and India segment has shown declines due to reduced merchant demand and pricing pressures, particularly in the United Arab Emirates. What strategies are you implementing to address these challenges and improve performance in this region?

  4. After exiting the proposed $4.5 billion green hydrogen joint venture in Northern Texas, how does this decision affect your overall clean hydrogen strategy, and are there concerns about meeting internal return targets for future clean energy projects?

  5. With the LNG business contributing about 4% of earnings (approximately $0.49 per share) and now being discontinued, how do you plan to offset this 4% headwind in FY2025 to maintain your growth trajectory?

Research analysts who have asked questions during Air Products & Chemicals earnings calls.

Christopher Parkinson

Wolfe Research

4 questions for APD

Also covers: ALB, ASH, AXTA +17 more

Jeffrey Zekauskas

JPMorgan Chase & Co.

4 questions for APD

Also covers: ALB, ASH, AVY +29 more

John Ezekiel Roberts

Mizuho Securities

4 questions for APD

Also covers: ALB, ASH, AXTA +21 more

John McNulty

BMO Capital Markets

4 questions for APD

Also covers: ASH, AVY, AXTA +14 more

Kevin McCarthy

Vertical Research Partners

4 questions for APD

Also covers: ALB, ALTM, AXTA +17 more

Patrick Cunningham

Citigroup

4 questions for APD

Also covers: ALB, AXTA, CE +17 more

Duffy Fischer

Goldman Sachs

3 questions for APD

Also covers: AXTA, CC, DOW +7 more

Joshua Spector

UBS

3 questions for APD

Also covers: ALB, AMBP, ASH +36 more

Michael Leithead

Barclays

3 questions for APD

Also covers: AMBP, AVY, AXTA +15 more

Michael Sison

Wells Fargo

3 questions for APD

Also covers: ALB, ASH, AVNT +15 more

Steve Byrne

Bank of America

3 questions for APD

Also covers: ADM, AXTA, BIOX +19 more

David Begleiter

Deutsche Bank

2 questions for APD

Also covers: ALB, ASH, AVNT +24 more

Laurence Alexander

Jefferies

2 questions for APD

Also covers: AIQUY, ALB, ASH +25 more

Avi Ganesan

Wells Fargo & Company

1 question for APD

Daniel Rizzo

Jefferies

1 question for APD

Also covers: ATR, AZZ, CBT +15 more

Dan Rizzo

Jefferies

1 question for APD

David Huang

Deutsche Bank

1 question for APD

Also covers: LIN, NBIX

James Hooper

AB Bernstein

1 question for APD

Also covers: LIN, PPG

Josh Spector

UBS Group

1 question for APD

Also covers: ALB, AMBP, ASH +23 more

Laurent Favre

BNP Paribas

1 question for APD

Also covers: AIQUY, AXTA, FMC +3 more

Matthew Deyoe

Bank of America

1 question for APD

Also covers: AXTA, CTVA, ECL +7 more

Michael Harrison

Seaport Research Partners

1 question for APD

Also covers: ASH, AVNT, AXTA +17 more

Patrick Fischer

Goldman Sachs

1 question for APD

Also covers: AXTA, CC, CTVA +8 more

Sebastian Bray

Berenberg

1 question for APD

Also covers: FUPBY, NVZMY, SLVYY

Steven Haynes

Morgan Stanley

1 question for APD

Also covers: ADM, AVNT, BG +2 more
Program DetailsProgram 1
Approval Date15 September 2011
End Date/DurationNo expiration date
Total additional amount$1.0 billion
Remaining authorization$485.3 million
DetailsNo shares purchased since fiscal year 2013. Focus on high-return projects over buybacks
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt Calculation
2025$611.6 Other variable-rate, Eurobonds, Chinese Renminbi, Foreign finance lease obligations 7.11, 1.000, 5.5, 10.8 4.2% = (611.6 / 14,485.5) * 100
2026$716.3 Series E, Note, Saudi Riyal Loan Facility, New Taiwan Dollar Loan Facility 7.6, 1.50, 2.00, 2.66, 2.72 4.9% = (716.3 / 14,485.5) * 100
2027$1,292.5 Note, Saudi Riyal Loan Facility, Chinese Renminbi, Non-Recourse Debt 1.85, 7.35, 5.5 8.9% = (1,292.5 / 14,485.5) * 100
2028$760.5 Eurobonds, New Taiwan Dollar Loan Facility 0.500, 1.86 5.3% = (760.5 / 14,485.5) * 100
2029$977.7 Note 4.60 6.7% = (977.7 / 14,485.5) * 100
Thereafter$10,126.9 Various (e.g., Eurobonds, Notes, Industrial Revenue Bonds) 0.800 to 5.7 69.9% = (10,126.9 / 14,485.5) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Air Liquide S.A.

Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications.

Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications.

Messer Group GmbH

Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications.

NameStart DateEnd DateReason for Change
Deloitte & Touche LLPJuly 24, 2018 PresentCurrent auditor.
KPMG LLP2002 September 30, 2018 The Audit and Finance Committee conducted a competitive process.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Uzbekistan Asset Purchase

2023

Air Products’ acquisition involves purchasing a natural gas-to-syngas processing facility in Uzbekistan for $1 billion; the deal includes acquiring, owning and operating the facility under a 15-year on-site contract, with progress payments already made and structured as a financing arrangement.

Small Acquisition in Middle East and India

2022

No specific details were provided aside from its mention as a small acquisition contributing to sales growth in the region, so key deal value, structure, and strategic rationale remain unspecified.

Recent press releases and 8-K filings for APD.

Air Products Issues Senior Notes Underwriting Agreements
·$APD
Debt Issuance
  • Air Products & Chemicals, Inc. has entered underwriting agreements for issuing senior notes in both U.S. and European markets, as reflected in recent 8-K filings.
  • The U.S. offering includes $600 million of 4.300% Senior Notes due 2028 and $500 million of 4.900% Senior Notes due 2032, with proceeds closing on June 11, 2025.
  • A Eurobond issuance of €500 million in 3.250% Notes due 2032 is scheduled to close on June 16, 2025, backed by legal opinions confirming the validity of the notes.
Jun 11, 2025, 12:00 AM
Air Products Q2 FY25 Earnings, Strategic & Leadership Update
·$APD
Earnings
Guidance Update
New Projects/Investments
CEO Change
Dividends
  • Reported Q2 FY25 performance with a GAAP net loss of $1.7B and loss per share of $7.77 , alongside an adjusted EPS of $2.69 and adjusted EBITDA of $1.2B with a 6% decline amid lower volumes and rising costs .
  • Updated guidance to a full‐year adjusted EPS of $11.85–$12.15, Q3 EPS guidance of $2.90–$3.00, and an expected fiscal CapEx of ~$5B .
  • Refocused on core operations: Emphasizing industrial gases through enhanced on‐site projects with long-term take-or-pay agreements and operational excellence from a $35B investment base .
  • Implemented project adjustments by advancing key initiatives in Saudi Arabia and Louisiana while canceling underperforming U.S. projects, incurring a $2.3B after-tax charge for cost reductions .
  • Announced a leadership update with the appointment of Eduardo F. Menezes as CEO and raised the quarterly dividend to $1.79 per share, marking the 43rd consecutive dividend increase .
  • Highlighted mixed segment performance in the Americas, Asia, and Europe, where modest revenue gains were offset by margin pressures and execution challenges .
May 1, 2025, 12:01 PM